Returns of the R&D investments are utilised for taking managerial decisions within the firm and also by the investors who think of making investments in the firm. In this study, the effects of the R&D investments made by the technology and information firms which are traded on BIST on the stock returns are investigated with the data of 2000-2013 period. Panel data analysis method is used in the study. According to the results, it is observed that while there has been no causality from R&D expenditures to stock returns, there has been causality from stock returns to R&D expenditures. Error correction model results show that the short term imbalances emerged have been fixed in the long term.